09 July 2014

Financial Tips for Unmarried Couples

In this day and age, there are plenty of couples who live together outside of the bonds of marriage. Marriage isn't for everyone but it does pose some unique issues when it comes to handling the finances. Here are some tips for those couples.

While you may love with your heart, it is prudent to think about your finances with your head. Since you are not married, you will want to keep a separate account for each person. This is where your pay can be deposited. When it comes time to pay the bills, use a joint account to funnel money into to handle such payments.

When it comes to buying big ticket items together, make a decision about whose name it will be registered in. If you purchase it together, then both names should be on it at the time of purchase. Anything that will be used by only one half of the duo can be in that person’s name and paid for with their money. Trying to recoup money given to help the other person in court can be tricky, especially without a receipt. And, if you are planning to be together for a long time, you won’t ask them for one at the time.

Then, there is your will. It is always important for couples to have a will, especially if they have kids. This way, your children are provided for by letter of the law. With unmarried couples, any properties that you buy together needs to be accounted for in a will so that it passes on to the surviving partner or the person you specify. Even if both names are on the house, you can specify that your half goes to your partner instead of surviving members of your family.

Always keep good records. This goes for all couples but especially those who have no familial ties according to the law. That way, should the relationship end, untangling your assets won’t be a disaster and cause more hard feelings.

Since more and more couples are living together it is important that they consider their financial situation in the relationship. The above tips can help you get started.

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This is my record of the daily challenges the Armstrong family faces as we live life the Cheapskates way - debt free, cashed up and laughing - and try to stay that way.

Here I talk about the little things I do that save us a lot of money and the bigger things that may only save a small amount. I share the things that work for us and the things that don't. I say it as I see it, so if I try something and think it's a dud, I'll tell you. And if I try something and it works, I'll share it with you.

You'll get an insight into a very frugal family living a very comfortable 21st Century lifestyle and I hope it encourages and inspires you as you make your journey to living life the Cheapskates way.